“If London banks were to move their workforce to other European cities, average compensation packages would decrease. From analyst to MD (managing director), London offers the highest salaries and bonuses in the market,” Emolument said in its findings, which was first published last year but is regularly updated.
Different countries have different remuneration structures. In Paris, bonuses can account for as much as 49 percent of a banker’s total compensation, according to Emolument, with a managing director’s bonus being approximately £153,000 ($200,254) out of a total £312,000 compensation package.
Frankfurt can pay lower bonuses but have higher base salaries. For example a vice president at a bank can get £108,000 in Frankfurt compared to £90,000 in Paris, Emolument said.
“The numbers (salary) are good in London and for me personally, it is a lucrative business when dealing with clients. Moving out of here would mean the risk of losing key clients to other players on the street. When you lose business, you lose money too,” one banker told CNBC on the condition of anonymity due to the sensitive nature of the subject. They added that base salaries in London were better due to it being the traditional financial heart of Europe. “If we lose that status, then salaries could come down a bit.”
Emolument also surveyed nearly more than 1,000 executives working in these cities on how they feel about their workplace. While Frankfurt made it to the top of the charts for best work-life balance, Paris was the worst. The chart below outlines the results.
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